Notable Tuesday Option Activity: PYPL, BA, ON

Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in PayPal Holdings Inc (Symbol: PYPL), where a total volume of 94,442 contracts has been traded thus far today, a contract volume which is representative of approximately 9.4 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 70.2% of PYPL’s average daily trading volume over the past month, of 13.5 million shares. Particularly high volume was seen for the $60 strike call option expiring July 05, 2024, with 12,949 contracts trading so far today, representing approximately 1.3 million underlying shares of PYPL. Below is a chart showing PYPL’s trailing twelve month trading history, with the $60 strike highlighted in orange:

Boeing Co. (Symbol: BA) saw options trading volume of 43,590 contracts, representing approximately 4.4 million underlying shares or approximately 69.6% of BA’s average daily trading volume over the past month, of 6.3 million shares.
Especially high volume was seen for the $270 strike call option expiring January 17, 2025, with 4,193 contracts trading so far today, representing approximately 419,300 underlying shares of BA. Below is a chart showing BA’s trailing twelve month trading history, with the $270 strike highlighted in orange:

And ON Semiconductor Corp (Symbol: ON) saw options trading volume of 35,984 contracts, representing approximately 3.6 million underlying shares or approximately 68% of ON’s average daily trading volume over the past month, of 5.3 million shares.
Particularly high volume was seen for the $75 strike call option expiring July 05, 2024, with 24,247 contracts trading so far today, representing approximately 2.4 million underlying shares of ON. Below is a chart showing ON’s trailing twelve month trading history, with the $75 strike highlighted in orange: